Question

write any five reason of admission of new partner in a firm​

Answer 1

Acquire more profit

Reduce competition

Increase good will

Expand business

Improving managerial skills.

Explanation:

• When you acquire a new partner to any business it means that you are sharing all the profits and losses that are associated with the business.
• We can acquire a new partner to a business when you need to earn more profit in your business.
• When you need to reduce the competition, which is the major one that decides your profit, you can decide acquiring a new partner.
• Acquiring new partner also helps in improving the managerial skills and if you acquire an experienced person as your partner it will be an added benefit.
• When you need to expand your business in new areas or along different product lines then, acquiring new partner will be helpful.
• The good will of the business which is an important asset for a business will get increased when you acquire a new partner.

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The amount withdrawn by the partners from the business for their personal use.

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What are the various type of partner's

Answer 2

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Write any five reason of admission of new partner in the firm

Calculation of New Profit Sharing Ratio.

Revaluation of Assets and Liabilities of the firm.

Treatment of Goodwill.

Adjustment of Accumulated. Reserves and Profits /Losses.

Adjustment of Capital (if agreed).❤️